A recent CNBC survey found that women are more likely than men to rely on their partner when it comes to finances. Thirty-two percent of female respondents cite their spouse as their financial role model. This can cause significant issues for them in the long-run.
Women have a whopping $1 million earnings gap by the time they get to retirement. Additionally, a survey from UBS Global Wealth Management revealed 58 percent of women leave big money decisions up to their spouse. Women have longer lifespans, so it's crucial that they have knowledge about retirement savings and Social Security planning.
Additionally, married couples should make the decision together about when each partner should claim their Social Security benefit. The right timing decision could greatly increase their benefit amount.
Covisum Founder and President Joe Elsasser, CFP®, offered this take:
"It is most often to the benefit of the couple to delay the higher wage earner’s benefit, but most people don’t do it. For those couples, claiming early can have an adverse effect, reducing the higher-earning spouse’s benefits, and thus triggering lower spousal benefits for their partner."
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Social Security Timing® was created so advisors would have the tools to help retirees make better decisions about when to claim Social Security. In fact, fewer than 10 percent of people delay claiming beyond full retirement age, and most claim early—either at 62 or when the earnings test is no longer relevant. With Social Security Timing, you can help optimize their strategy and increase their retirement value by up to $100,000.
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